Carborundum Universal - Outcome Of AGM

Carborundum Universal Ltd has informed that the members at the 53rd Annual General Meeting (AGM) of the Company held on July 27, 2007, inter alia, have accorded the following:

1. Adoption of the Directors Report and the Audited Profit and Loss Accounts for the Financial year ended March 31, 2007 and the Balance Sheet as at that date and the Auditors Report thereon.

2. Declaration of Dividend at the rate of 75% (Rs 1.50/- per equity share of Rs 2/ each) for the financial year ended March 31, 2007.

3. Re-appointment of Mr. Subodh Kumar Bhargava & Mr. T L Palani Kumar as Directors of the Company.

4. Re-Appointment of M/s. Deloitte, Haskins & Sells, Chartered Accountants, Chennai, as Auditors of the Company to hold office from the conclusion of the 53rd Annual General Meeting till the conclusion of the 54th Annual General Meeting of the Company on remuneration, terms & conditions.

5. Appointment of Mr. A Vellayan & Mr. Sridhar Ganesh as Directors of the Company.

6. Authority to the Board to create, offer, issue and allot at any time to or to the benefit of such person(s) who are in permanent employment of the Company, including any Managing or Wholetime Director of the Company, options exercisable into not more than 5% of the issued equity share capital of the Company, that is 46,67,700 equity shares of the Company under one or more Employee Stock Option Scheme(s), in one or more tranches, and on such terms and conditions as may be fixed or determined by the Board in accordance with the provisions of the law or guidelines issued by the relevant Authority; each option would be exercisable for one equity share of the face value of Rs 2/- each fully paid-up on payment of the requisite exercise price to the Company, subject to necessary provisions & approvals.